301 Inc, General Mills' venture capital division, will invest $15 million split between Fearless Fund and Supply Change Capital, two women- and minority-led companies that support female and minority entrepreneurs.
Fearless Fund invests in businesses in the early stages of development, from pre-seed to series A levels. “We are thrilled to grant General Mills investment dollars to women of color who are looking to cook up the next revolutionary culinary brand,” Arian Simone, general partner and co-founder at Fearless Fund, said in a statement.
Supply Change Capital is closely focused on the business' content, investing in companies where food, culture, and technology unite. The company's co-founder and managing partner, Noramay Cadena, said in a statement, “We are focused on unlocking change in the venture ecosystem to infuse women and people of color with the capital they need to shape our future food landscape. We're thrilled to have the support of General Mills in our network.”
General Mills' investments are consistent with their commitment to promoting racial and gender equity through economic opportunities.
Doug Martin, chief brand and disruptive growth officer at General Mills said in a statement, “We experience firsthand the expertise and passion of the diverse and female founders within our 301 INC portfolio, and yet there is a systemic gap for minority food entrepreneurs looking for early-stage venture capital funding…We're excited to join forces with these amazing partners to uncover and accelerate more founders, at earlier stages. Closing this gap means more great innovation in our food system — from new concepts to emerging food technologies — and more inclusive cycles of opportunity for entrepreneurs, companies and communities.”
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